"Although we continue to consider the exact scope, cost, financing plan and timing of such a project, we expect that the redevelopment of Graceland, if and when pursued, would take several years and could require a substantial financial investment to our company," reads the annual report.

Graceland was the home of Elvis Presley for 20 years before he died in 1977. Five years later, the property opened to the public for tours. Approximately 519,000 people visited Graceland in 2010, a 4.4% drop from the previous year.

CKx founder Robert F.X. Sillermam, who left the company last year, had announced the $250 million makeover in 2007 in hopes that the Elvis Presley mansion would become an even bigger attraction.

Meanwhile, Memphis' Mayor A C Wharton is asking the city set aside $1.8 million of its next capital improvement budget to begin preparations for an overhaul of Elvis Presley Boulevard.

"Graceland is there, it is our largest tourism draw, and anything we do with respect to Elvis Presley simply strengthens the existing attraction. Our resolve to improve the general area of Graceland is just as strong as ever," the mayor tells the Memphis Commercial Appeal newspaper.